April 20, 2023 – The primary driver of modernization efforts is business end-user demand for faster, more automated, and more transparent payment capabilities. Critical components and considerations within a payments modernization journey include appropriate levels of investment in payments technology, implementation of real-time payment capabilities, abilities to leverage payments data, the need to improve cross-border payments, higher levels of accessibility to robust capabilities through new technology options like the cloud and PaaS, the role of ISO 20022 in innovation, and the importance of vendor partners.

During a time of critical technological change and innovation in payments, this report was written to help FIs understand and prioritize payments modernization initiatives and how to recognize and overcome challenges likely to be encountered. It is based on an Aite-Novarica Group survey of 108 global bank payments and product executives in North American, European, and Asian-Pacific countries conducted in Q4 2022 and Q1 2023.

Clients of Aite-Novarica Group’s Commercial Banking & Payments service can download this report.